Confused Warns Of Financial Implications Of Flouting Road Rules

Those consumers who are found guilty of speeding may find that being pulled over by the police is just the start of the difficulties which they will face.

Such is the assertion of Confused which reports that those who receive penalty points on their licences, after speeding or going through a red light for example, are likely to see the spending pressures in which they are under increase. According to the price comparison firm such monetary difficulties could deepen in the shape of fines and surging motor insurance costs. In particular, it was reported that younger drivers might find that flouting motoring laws will see them be penalised the most.

As an example, the firm indicated that should a 21-year-old woman in Manchester who drives a 1.3 Ford Fiesta receive six points on her licence then her annual insurance premiums would rise by some 92 per cent. Such a rise, it was indicated, is the equivalent of an extra 895 pounds to cover her vehicle. However, should she receive nine points she would be subject to costs rising by 2,048 pounds.

Following on from having to meet the cost of a fine for spending, in addition to the higher insurance costs which they will face, it may be possible that motorists struggle to manage the other constraints on their finances. Such areas could well include household bills, credit cards, mortgages and loan repayments.

Research from the price comparison site also revealed that a 55-year-old woman from Bristol driving a 3.0 BMW MX5 would face a typical increase of 81 per cent in her insurance costs should she receive six points on her licence. However, a man of the same age from the south-west city driving the same car would see their insurance costs rise by 49 per cent.

Commenting on the figures, Carlton Hood, chief executive officer of Confused, said: “As well as suffering from additional insurance costs immediately after gaining points on a licence, motorists are often asked by insurance companies whether they have received points in the last five years. If the answer is yes, insurance premiums remain high long after the points have expired. However, steep financial penalties do not seem to be acting as a deterrent, with a worrying 3.2 million driving convictions recorded on Confused in the last twelve months.”

He went on to report that despite the temptation breaking the rules of the road can bring, motorists should “think carefully before making poor driving decisions”. Although driving at an illegally high speed or skipping a red light might mean that they reach their destination quicker, Mr Hood pointed out that they are putting themselves at risk of a “large fine, a tarnished licence and potentially higher insurance premiums”. In addition, it was reported that driving dangerously will see consumers put their lives and those of others at risk.

Consumers on the lookout for a new set of wheels, meanwhile, might wish to consider taking out a cheap loan when it comes to funding their purchase. In doing so it may be possible that borrowers are able to purchase their dream vehicle and are left with an affordable repayment to make each month. The monetary assistance which a loan provides could also help people to meet the cost of higher rises in premiums should they face points on their license. Getting a loan to help with insurance could also be recommended after a recent study by uSwitch showed that drivers who chose to spread the cost of their premium across a monthly basis rather than in an annual one-off payment are paying an extra 50 pounds each year to do so.

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